While doing the weekly market walk-through video for the price action War Room, I spotted this awesome looking price action signal on the GBPCHF 8 hour chart.
There was also a reversal pattern alert waiting for me on my mobile, thanks to the Battle Station (shown on screen).
Why do I like this trade idea so much?
We can see GBPCHF has cleared some consolidation, pushing into higher highs recently – a sign of strength.
After a short pullback, GBPCHF re-tested the previous break out level resistance, and showed more strength by printing a price action reversal signal.
This location is a “hot spot” for buy signals to occur since the mean value and a swing level intercept one another.
Price aciton is communicating with strong evidence that it wants to make a push into higher highs.
We’ve also got a small retracement happening down the signal candle – allowing for better entries, and higher profit potential.
Maybe the probabilities be in our favor!
Just researching this trade setup & it seems price made a double top structure at 1.28200 before reversing to the downside. This is surprising as the setup looked so promising. Is there any reason for this or do we just take it on the chin and accept that “that’s Forex”?
No comment. First test is ok or not
What is happening in intraday